Today, oil prices were up after falling 7% on Tuesday.

Brent North Sea crude for September delivery was up 1.12% to $100.60 at around 09:40 GMT. U.S. West Texas Intermediate (WTI) for August delivery was up 1.21% at $97.00. Brent crude closed below $100 a barrel yesterday. This is due to the rise of the dollar, which reduces the purchasing power of investors using other currencies.

It is estimated that oil demand growth will continue in 2023, but at a slightly slower pace. On the other hand, the cartel's crude oil production is estimated to have increased in June by 234,000 barrels per day compared to May, to reach some 28.72 million barrels per day. It should be noted that U.S. inflation could have an impact on the value of the dollar and consequently on the price of oil.